The amount of time you need to completely pay off a mortgage
The amortization term on a 30-year fixed or a 30-year adjustable rate mortgage is 30 years. Similarly, for a 15-year fixed rate mortgage, the amortization term is 15 years. Balloon mortgages are amortized over 30 years, but are usually due in full in 5 to 7 years.
See: Balloon mortgage
